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Futures have firmed up, but so what! My mood is so dour, I am sure we will bottom soon. Nothing is worse than losing a little bit of money, every single day.
Bottom line: The Brent-WTI spread is now $13. The refinery sector is the only place I am happy placing funds. I’d buy more BALT, but I already own too much. I do like JAZZ here too and might consider buying more with some of my AMBC proceeds.
The facebook numbers are a facade, a farce of american accounting standards. Next thing they will tell us there are more users than the entire population of earth. I am sure the millions of dogs and cats who’ve signed up are avid clickers of targeted ads.
I’ve been getting boiled, very slowly, for the past week. Today the carnage sped up a bit, marking yet another 1% drubbing. All the while, markets have been making new highs and the perverts on CNBC have been popping corks of champagne into each other’s faces, in celebration of this magnanimous splendour.
I expect my losses to accelerate tomorrow, led by my god damned boat stock. Even though they only own 2 Capesize vessels, the market is treating them like a debt laden heroin addict sucking the pipe.
No, I’m not happy. It’s my condition to be upset over the smallest things. One time this guy asked me for the time, I ended up using his head as a drum. No matter how much money I make, no matter how many things I buy myself, I have a rage boiling inside of me. It keeps me alive and will bury me.
I will tell you what I should’ve told you last week, what I knew but didn’t allow myself to believe: sell stocks and wait for lower price points. Even if the general markets go up, it’s not worth holding these god damned time bombs into earnings, unless you have an edge (inside information). Yeah, I know, we’re not supposed to admit that it exists. But you know damned well it does.
When I was a rookie broker in the boardroom, back in ’97, my deskmate was escorted out from his chair, by the police, Bud Fox style, for partaking in a ring of derelicts who were trading off inside info. I had no idea. They caught him because he used options. If you ever want to go to prison, just buy large quantities of options before an event that you have knowledge of and I promise you, the SEC will find you and send you to Oz to be butt raped by Adebesi.
It’s never worth it, no matter how much money you might make.
My largest position, ALJ, is trending higher in a weak tape. Despite being a pathetic loser over the past week, wrong the market, losing money, I am content with my choice with ALJ–at least for the day. This should continue and accelerate quickly to the upside, as the idiots who manage your money realize the Brent-WTI spread is wide again.
I swear, sometimes I feel I am fighting a war against acute ignorance. All of my beliefs come true, eventually. They just take time.
Having said that, BALT has severed my penis. I am a eunuch in the city square, offering news and advice to fellow citizens.
This market is a bag of rocks. The slow burn is starting to heat up and I feel as if my entire person is inside of an oven, awaiting to be flamed broiled.
Down another 1% for the day.
By the way, The PPT will be open for FREE trials, starting midnight tonight, and lasting until midnight on tomorrow. Scratch that: we’re giving free trials for ALL iBC services, including 12631 and After Hours with Option Addict.
The Brent-WTI spread is widening again, now more than $12. I realize my ALJ position has been boring and uneventful. However, I am hoping that will change soon. With the spread widening, this sector has to come back from the dead, a la Dracula, to suck the blood out of those who are short.
Once again, my favorites are ALJ, DK, WNR, HFC and ALDW.
The BDI got crushed again. However, with regards to BALT, both Supramax and Handysize rates haven’t budged at all. As a matter of fact, they’ve been going higher. They own 2 capes, 4 supras and 5 handys. Do the math.
Nevertheless, BALT has been in the doghouse, with the rest of the shippers. I am being punished for the sins of others.
YELP has rebounded nicely off the lows. Due to my situation, I haven’t been able to buy any just yet. There is a rotation taking place and I don’t like it–not one bit.
There are some scary drops this morning in some of your favorite momentum names. For every BIDU, there is a SFLY, YELP or an IACI. If history is of any use at all, these dips will be bought. But before that happens, losses will be had and brokerage accounts will be zeroed out.
The weak shall be knee-capped and tossed into idle sewer pipes. If you’re playing the earnings game, without an edge, you might as well be playing with dynamite sticks on a hot summer day, inside of a house of mirrors.
WETF is above $14 and looks to be heading higher. Whenever that stock dips, it’s a buy. Keep a mental note.
NQ is lifting again, post Muddy Waters. I’d avoid even thinking about Chinese names. Expect more hit pieces.
In the coming weeks, there will be a slew of IPOs, most notably TWTR. While this is a good thing for investment banks and exciting for the piker investor, as a whole, it dilutes the market. All of this new supply isn’t absorbed with new money. Stocks will be sold to meet this new demand, which, inherently, is bad for stocks.
Do you remember how the market responded post FB ipo?
Do not ever try to stop Jeremy Stoppelman. The CEO of YELP is sitting atop a goldmine, with the YELP properties expanding worldwide. Instead of sitting back and loafing around about the couch and hammock, he’s aggressively expanding.
After the market close, YELP reported earnings per share and revenues that were better on the top end, worse than expected on the net end. Essentially, the company is growing faster than analyst expectations; but Stoppelman doesn’t give a heap of steaming feces about making money right now. Why?
Because, like the apex predator, Jeff Bezos, Stoppelman is out to conquer the world, at least his little niche part of it.
The future of YELP is local, being able to pull up take out menus from on your mobile device and ordering food on it. They get a cut of the proceeds, like Apple does with music. Being that we’re a gluttonous people, I see great things happening for this company over the next 5 years.
Knowing this, and being smart about the extraordinary share price performance, Stoppelman decided to file for a secondary, to raise $250 million, bringing total cash for YELP near $350 million.
He now has a war chest.
Luckily, I am completely out of YELP, and have been for more than a week.
If you own the stock into the teeth of a $7 sell off, it truly sucks to be you and I will pray upon your carcass tomorrow. However, for those of us who had the foresight to avoid YELP up at 27x sales, into earnings, this is opportunity. THIS IS WHAT IS LOOKS LIKE, LITERALLY.
Just know, after the numbers were released, the stock dropped $6 straight away, only to recover all of its losses and go green. Only after the secondary was announced did the stock drop. Therefore, one must surmise that Wall St was content with the numbers, but sad faced over the dilution.
Stoppleman is simply doing his job, going the path of Amazon, setting up for long term success.
I will be buying back shares of YELP as soon as the Gods release me from the hell they’ve trapped me in.
Good night.
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I know you’re smirking from the confines of your housing tenements, laughing at Le Fly aka Plutonium Petey whilst cutting coupons and exchanging food stamps for packs of menthol cigarettes. That’s alright, as the world has a way of restoring balance.
Do you know how many times I’ve had my back pinned to the wall? I recall occasions when things looked so bad it was comical. I’d go from pulling out my hair to laughing hysterically, maddened by the stock market–very dark and sinister indeud.
So many times I’ve been discarded for trash, thrown to the wayside, only to be resurrected from the ashes, spiralling high into the sky to rain lightening bolts upon the heads and necks of my enemies.
I dare you to bet against me. Go ahead and discard me, like a perfectly healthy baby girl in Shenzen.
Into the bell, as the market sucks the skin off stocks, I am down 0.2%.
Laugh at me and I’ll punch your face off, break your jaw and curb stomp your skeleton into dust.
I feel like punching myself into the scrotum for missing NTRI. I knew it was gonna go.
According to The PPT, barely 50% of stocks are up today and less than 50% of the stocks in our database are rated “buy” or higher. For a market being advertised as being “on fire,” I certainly feel cold.
